In oilfield operations, including drilling, cementing, acidizing, water jet cutting, and hydraulic fracturing of subterranean formations, various oilfield or wellsite assets or equipment are utilized. The success of such oilfield operations may be related to many factors, including effective utilization of the wellsite equipment, as job interruptions or operational inefficiencies caused by poor logistics or equipment allocation may reduce the efficiency of the oilfield operations.
Utilization of the wellsite equipment may be optimized, in part, by accurately tracking the amount of time that wellsite equipment components spend at different locations, such as by tracking daily use. However, as wellbores are drilled deeper and become more complex, the amount and complexity of wellsite equipment continues to increase, thus complicating equipment tracking and optimization.